2023-07-09 17:32:29
Algeria’s Sonatrach announces Total Energies’ investment of $700 million for gas and condensate production
On Sunday, the Algerian state hydrocarbons company, Sonatrach, signed a contract with the French Total Energies group to develop two gas fields in the southeast of the country, with a total value of $739 million.
Sonatrach CEO Toufik Hakkar told reporters in Algiers that the contract relates to the development of the Tin Foy-Tabenkourb 2 field and the Tin Foy-Tabenkourt South field, in the state of Illizi in the far southeast of the country.
Hokkar explained that the total value of investment in these two fields amounted to $739 million, allowing the extraction of 54 billion cubic meters of natural gas, in addition to 13 million tons of liquefied petroleum gas and condensate.
He added, “The two gas fields will produce more than 100,000 barrels of oil equivalent by 2026.”
The signing ceremony took place at Sonatrach’s headquarters in Algiers, in the presence of the CEOs of Sonatrach and Total Energies, Toufic Hokkar and Patrick Pouianni.
On the other hand, “Sonatrach” and “Total” signed an agreement to extend the contract for the sale of Algerian liquefied natural gas, in favor of the French company, in quantities estimated at 2 million tons annually.
Algeria annually produces regarding 130 billion cubic meters of natural gas, of which it exports more than 55 billion cubic meters, and consumes 50 billion cubic meters in the domestic market. It intends to reach annual exports of 100 billion cubic meters.
(Anatolia)
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